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by Jace Stolfo
on Thursday, July 26th, 2012 at 3:43pm.
Boise Idaho foreclosures have hit the lowest rate since March 2009, when the Intermountain MLS first began keeping track of foreclosure sales. In fact, the market share of these Boise ID foreclosures, otherwise known as bank-owned homes (REO)*, have been steadily declining since the beginning of the year. In January 2012, the foreclosure market share was 35%, the same as January 2011. That, however, is where the similarity ends.
As can be seen above, February 2012 recorded a market share of 25%, compared to 35.2% in February 2011. This trend continues through the remainder of the first half of the year. In June 2012, 45 out of 406 total sales were bank-owned or HUD properties, representing an 11.1% market share. In June 2011, there were 119 foreclosures out of 352 total sales, or a 33.8% market share, 3 times higher 2012.
Since January 1, 2012, there have been a total of 356 foreclosures in Boise Idaho. The majority of these, 22.8%, were properties located in the SW Boise-Meridian area. W Boise-Garden City recorded 18% of the Boise Idaho foreclosures for the first half of 2012. Rounding out the top five are the Boise Bench with 15.7%, West Boise with 11.5% and 10.1% in NW Boise. On the bottom were Garden City with a 0.6% market share and 0% in NE Boise.
Consumers are always looking to get the best value for their dollar, and home buyers are no different. Since the beginning of the housing crisis, buyers have been aggressively searching for Boise Idaho foreclosures. Today, however, inventory in general is down and there are fewer foreclosure properties on the market, making the purchase of bank-owned and HUD properties a little more competitive and creating more multiple-offer situations.
If you would like information on Boise Idaho foreclosures, or would like a complete list of foreclosure properties on the Boise real estate market, feel free to contact us at 208-484-2560.
*HUD-owned properties have been included in these foreclosure numbers. While they are not "bank-owned", they are wouldn't be owned by HUD had they not gone through foreclosure. Therefore, they are important to calculate when looking at this type of market data.